Chapter 5 The market: Against the state

Rachel S. Turner

in Neo-Liberal Ideology

Published by Edinburgh University Press

Published in print February 2008 | ISBN: 9780748632688
Published online March 2012 | e-ISBN: 9780748652792 | DOI:
Chapter 5 The market: Against the state

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This chapter examines the concept of the market in relation to neo-liberalism, allocating the market a core position in neo-liberalism's ideological configuration. It discusses the role of the market in classical liberal political economy, in neo-classical political economy, and in the philosophy of the Austrian School of Economics. The chapter goes on to detail some of the imperfections of the market, such as monopoly, bureaucracy, and regulation and state intervention, and examines how neo-liberals overcome these obstacles. Finally, it explores the role of markets in the global economy, outlining the neo-liberal vision of a globalised market order. The chapter contends that markets, for neo-liberals, are sacrosanct to the functioning of the economy; they are part of the natural spontaneous order of civilised values and mutual cooperation that sustains capitalism.

Keywords: ideological configuration; capitalism; political economy; School of Economics; state intervention

Chapter.  9978 words. 

Subjects: Political Theory

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